Router Protocol Abruptly Shuts Down, Burning $300M Worth of Tokens

Router Protocol, an infrastructure firm focused on cross-chain solutions backed by Coinbase Ventures, will shut down all of its operations by September 30.

The decision to cease operations comes with a significant token burn, as the company will destroy 303,333,198 ROUTE tokens from its treasury.

ROUTE token holders are likely to feel the impact, as their holdings may become worthless following the shutdown and token burn.

The unexpected move undermines DeFi cross-chain adoption, despite prior VC backing, and could pressure the token's price, liquidity, and market confidence.